Pepperfry, the online marketplace specialising in furniture and home goods, has successfully secured $23 million in funding over the past three months from its existing investors, institutional backers, and family offices. While the company officially announced this development in a recent press release, it refrained from disclosing specific investor names.

Simultaneously, Pepperfry shared that its co-founder, Ashish Shah, has been promoted to the position of CEO for the Mumbai-based startup. Shah, formerly serving as the Chief Operating Officer, ascended to this role shortly after the passing of his co-founder and the former CEO, Ambareesh Murty, who tragically succumbed to a cardiac arrest in Leh last month.

In a press release, Pepperfry stated, "The latest capital infusion will enhance Pepperfry's capability to meet the evolving requirements of its rapidly growing customer base, exceeding 10 million, by strengthening its omnichannel presence, reinforcing its robust supply chain, and driving technological innovations."

According to Pepperfry, these funds will be instrumental in fortifying its capacity to cater to the dynamic needs of its extensive customer base through a robust omnichannel presence and supply chain.

The company's funding history has amassed over $230 million from prominent investors, including Norwest Venture Partners, Goldman Sachs, Bertelsmann India Investments, General Electric Pension Trust, and Pidilite Ventures, among others, as reported by Tracxn, a private markets data provider.

"The best tribute to Ambareesh (Murty) will be to build on the foundation laid by us and solidify Pepperfry's position as India's leading furniture and home products company," the company added.

Pepperfry secured $23 million in funding at a time when it deferred its plans to go public. Initially slated to file its draft red herring prospectus (DRHP) in the October-December quarter of the preceding year, the company had envisioned achieving a valuation of approximately $500 million, similar to its valuation in its previous funding round.

The company had even enlisted the services of JP Morgan and ICICI Bank for this endeavor but shelved these plans due to unfavorable conditions in the public markets for loss-making startups.

In the fiscal year 2022, Pepperfry reported revenues of Rs 264 crore but incurred losses of approximately Rs 194 crore during the same period. While its top-line revenue witnessed a 19 percent increase from Rs 221 crore, its losses widened by 83 percent from Rs 106 crore in the previous fiscal year, FY21.